Ottawa, November 30, 2012
The Honourable Jim Flaherty, Minister of Finance, today released The Fiscal Monitor for September 2012.
There was a budgetary deficit of $2.7 billion in September 2012, compared to a deficit of $2.7 billion in September 2011.
Revenues decreased by $25 million, or 0.1 per cent, largely reflecting decreases in excise taxes, duties and other revenues, offset in part by higher income tax revenues. Program expenses increased by $0.1 billion, or 0.6 per cent, as increases in major transfers to persons and other levels of government were largely offset by a decrease in direct program expenses. Public debt charges decreased by $0.2 billion, or 7.6 per cent.
For the first six months of the 2012–13 fiscal year, the budgetary deficit stood at $8.9 billion, compared to a deficit of $11.8 billion reported in the same period of 2011–12.
Revenues were up $3.3 billion, or 2.8 per cent, reflecting higher income tax revenues, excise taxes and duties, and Employment Insurance premium revenues. Program expenses were up $1.5 billion, or 1.4 per cent, reflecting increases in major transfers to persons and other levels of government. Public debt charges were down $1.1 billion, or 6.9 per cent.
Office of the Minister of Finance
Department of Finance